News

Pizza Inn's comp-sales drop 1.4% in second quarter

January 25, 2004

THE COLONY, Texas—Pizza Inn reported on Jan. 23 that its comparable-store sales dropped 1.4 percent for its second quarter, ended Dec. 28, 2003. The company's fiscal year begins in June.

According to a news release, for the first half of its fiscal year (which ends in June), comp-store sales are off 3.1 percent.

Earnings per share for 2Q '03 were 6 cents, versus 19 cents for the same quarter last year, which included the reversal of a previously recorded pre-tax charge of approximately $1.9 million. This reserve was previously recorded in the fourth quarter of fiscal 2002 to fully reserve for the possible nonpayment for a note receivable owed to the company from the company's former chief executive officer, Jeff Rogers. Rogers paid the company in full in December 2002.

Net income for 2Q '03 was $558,000 on revenues of $14.8 million, versus $1.9 million in net income on revenues of $15.2 million the previous year.

For the six-month period, earnings per share were 11 cents versus 22 cents last year. Net income was $1 million on revenues of $30.1 million, compared to $2.2 million on revenues of $30.5 million last year.

Pizza Inn also announced it reacquired area developer rights in December for Tennessee and portions of Kentucky for approximately $962,000.

See related Pizza Inn stories ...
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* Pizza Inn's Q1 '03 comp-sales drop 4.8%